TITANIUM SANDS LIMITED — Major Shareholding Notification 2008

Jan 2, 2008

Form 604

Corporations Law Section 671B

Notice of change of interests of su ostantial holder

To Company Name/Scheme	Precious Metals Australia Limited
ACN/ARSN	65 009 131 533
Details of substantial holder (1) 1.
Name	Citicorp Nominees Pty Ltd
ACN (If applicable)	N/A
There was a change in the interests of the substantial holder on	31/08/2007
The previous notice was given to the company on	30/09/2005
The previous notice was dated	30/09/2005

Previous and present voting power $2.$

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holdin j notice to the company or scheme, are as follows:

Class of securities (4)	Previous Notice		P esent notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary	5.570.000	8.63%	/ 509.67"	7.32%
B-8-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-	-------

3, Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substant al helder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration civen in relation to than $xe(7)$	Class and number of securities affected	Person's votes affected
28May07	Citicorp Nominees Ply Ltd	Share Sale	41,459.75	19 371	19,371
29May07	Citicorp Nominees Pty Ltd	Share Sale	505,861.65	230.629	230,629
30May07	Citicorp Nominees Piv Ltd	Share Sale	568,575	250.000	250,000
31May07	Citicorp Nominees PiγLtd	Share Sale	558.300	250,000	250,000
01Jun07	Citicorp Nominees Pty Ltd	Share Sale	91,977.83	39.661	39,661
04Jun07	Citicorp Nominees Pty Ltd	Share Sale	32.732	14.000	14.000
05Jun07	Citicorp Nominees Ply Ltd	Share Sale	47,252	20.000	20,000
06Jun07	Citicorp Nominees Pty Ltd	Share Sale	126, 147.35	52.625	52,625
16Aug07	Citicorp Nominees	Share Purchase	64,511.07	36.834	36.834

K.//Compliance/Substantial Shareholder Notices/Templates/604 Notice.doc

STATISTICS	----------- Ptv Ltd ------		. ---		--------------------------------------- -----
31Aug07	Citicorp Nominees	Share Sale	467.225	250,000	250,000
	Piv ้าค ' Llu . . ---------------------------------------	COMMUNICATES AND INFORMATION	___ _

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relev int interest (6)	Class and number of securities	Person's votes
Pershing Keen Nominees Ltd	Citicorp Nominees Pty Ltd	Pershing Keen Nominees Ltd	Nominee	7.509.677	7.509.677

K./Compliance/Substantial Shareholder Notices/Templates/604 Notice.doc.

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Changes in association 5.

The persons who have become associates (2) of, ceased to be associates of, or have changed the i ature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN (if applicable) $-$ —— —————	Nature of association
n/a

6 Addresses

¢

The addresses of persons named in this form are as follows:

Name	Audresa
Gersec Trust Reg	PO Box 1617, Meierhofstrasse fr, Va luz FL 9490, Liechtenstein

ignature
	Print name	/Germano Valle	Capacity Trustee
	Sign here		date	07/09/07

DIRECTIONS

• If there are a number of substantial holders with similar or related relevant interests leg. J. corporation and its related corporations, or the manager and
  trustee of an equity trust), the names could be included in an an $(1)$ similar, they may be referred to throughout the form as a specifically named group if the rembership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.
• ${2}$ See the definition of "associate" in section 9 of the Corporations Law
• See the definition of "relevant interest" in sections 808 and 6719(7) of the Corporations Law. $(3)$
• The voting shares of a company constitute one class unless divided into separate classer. $(4)$
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $\left( 5\right)$
• $R_{\rm B}$ Include details of:
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a $(a)$ copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a witten statement certifying this contract, scheme or arrangement; and
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of $(b)$ the securities to which the relevant interest relates (including clearly the jarticular securities to which the qualification applies).

See the definition of "relevent agreement" in section 9 of the Corporations Law.

• Detalis of the consideration must include any and all benefits, money and other, that any betson from whom a relevant interest was acquired has, or $(T)$ may, become entitled to receive in relation to that acquisition. Details must be includled a ren if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substant if holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
• If the substantial holder is unable to determine the identity of the person (eg. If the rideva it interest arises because of an option) write "unknown". $(8)$

Ku/Compliance/Substantial Shareholder Notices/Templates/604 Notice.doc

RECEIVED CIMS OVER 1 FLAT

$(9)$ Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

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K //Compliance/Substantial Shareholder Notices/Templates/604 Notice.doc

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